Case Study
Safeguarding NBFCs From Internal
Security Challenges
Non-Banking Financial Companies (NBFCs) play a crucial role in providing loan financing and other financial services,
contributing to the economic growth of many nations.
A Quick Look At The Bigger Picture
As digital transformation becomes central to their operations, these institutions face an increased risk of data breaches, particularly from insider threats. Safeguarding sensitive customer data and financial information is essential for maintaining trust and adhering to regulatory requirements.
One of our clients, a leading NBFC, approached us with a critical concern: securing internal data from insider threats, especially during vulnerable periods such as when employees were serving their notice period.
Addressing Risks To Sensitive Financial Data Security
The client faced several challenges related to insider threats and the safety of internal data, particularly during employee transitions.
Here’s a breakdown of the key concerns:
Lack of Oversight on Sensitive Data Access
The client lacked sufficient visibility into how employees were accessing and handling sensitive data. This made it challenging to track unauthorized access or ensure adherence to the company’s data protection policies.
Insufficient Activity Monitoring in Real-Time
With limited real-time monitoring tools, detecting unusual behaviors or activities that could signal potential data theft was difficult. The client needed a system capable of flagging irregularities as they happened.
Data Risks During Employee’s Notice Periods
Employees serving their notice period were identified as having a higher risk for potential data leaks. The company observed that a significant portion of internal breaches occurred during this time, presenting a serious threat to sensitive loan data and customer information.
Conforming to Financial Security Regulations
As a financial institution, the NBFC needed to ensure compliance with data protection regulations such as GDPR and other financial security standards, which added complexity to addressing insider threats.
Preventing Internal Misuse of Loan Data
The company’s financial data, including loan applications and customer credit reports, was at constant risk of being compromised by disgruntled employees or those tempted to misuse their access for personal gain.
Effective Strategies And Solutions To Combat Insider Risks
To address these challenges, the client turned to EmpCloud’s Product (EmpMonitor), a workforce productivity management tool offering robust insider threat prevention solutions. Here’s how EmpMonitor helped safeguard internal data and prevent breaches:
Instant Threat Detection with Real-Time Monitoring
EmpCloud’s real-time activity tracking provided managers with instant visibility into how employees interacted with sensitive financial data. This enabled the immediate detection of suspicious activities, particularly during critical periods like notice periods.
In-depth reports on Data Access and Utilization
EmpCloud’s workforce productivity management tool (EmpMonitor) generated comprehensive reports detailing when and how employees accessed key financial information, including loan applications, customer databases, and internal documents. These reports offered full transparency, making it easier to spot irregularities.
Limiting Access to Sensitive Data During Notice Periods
For employees in their notice period, access to sensitive data was restricted according to their roles and responsibilities. EmpMonitor enabled the NBFC to implement tighter access controls, minimizing the risk of unauthorized data transfers or breaches.
Improved Monitoring with Screenshot Capture
Periodic screenshots offered insights into employees’ desktops, revealing any unusual behaviors, such as transferring data to external devices or attempting to share information via unauthorized channels.
Monitor Web and App Activity
EmpCloud’s workforce productivity management tool (EmpMonitor) tracked the websites and applications accessed by employees, ensuring they weren’t using unsecured or unauthorized platforms to handle sensitive data.
Safeguard Compliance and Data Integrity
The platform supported the NBFC in adhering to stringent financial data protection regulations. By closely monitoring employee activities and access points, EmpMonitor helped the company meet its regulatory obligations, avoiding fines or penalties linked to data breaches.
A New Approach to Risk Management Practices
Implementing EmpCloud’s workforce productivity management tool (EmpMonitor) had a profound impact on the client’s ability to protect sensitive data from insider threats.
Results Highlight
The implemented solutions led to improved security, enhanced transparency, better accountability, and strengthened client relationships, all while ensuring regulatory compliance.
Reduced Insider Threats During Employee Notice Periods
By tightening access controls and actively monitoring employees during their notice periods, the company saw a reduction in insider-related data breaches.
Optimized Data Transparency and Accountability
Detailed reports and real-time monitoring provided full transparency regarding how data was accessed and used, improving employee accountability.
Proactive Threat Mitigation
With EmpMonitor’s alert system, the NBFC was able to detect and address potential insider threats before they escalated, reducing the chances of significant data loss.
Reinforced Client Trust
The increased protection of loan and customer data helped the NBFC maintain trust with its clients, positioning them as a responsible and secure financial institution.
Compliance and Regulatory Success
EmpCloud’s workforce productivity management tool ensured that the NBFC adhered to data protection regulations, enabling them to avoid legal issues while strengthening internal security protocols.
Performance Insights And Achievements
Conclusion
By integrating EmpCloud’s workforce productivity management tool (EmpMonitor), the NBFC effectively addressed the growing issue of insider threats, particularly during vulnerable periods like employee transitions. With robust real-time monitoring, proactive threat alerts, and secure data access controls, the company was able to protect its financial data and maintain a high level of trust with its clients.
The implementation of EmpCloud not only safeguarded their information but also ensured long-term security and regulatory compliance.
